BRIEF-Barloworld finalises disposal of Australian motor retail unit for R1.3 bln

April 1 Tue Apr 1, 2014 4:44am EDT

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April 1 (Reuters) -

* Finalises disposal of its Australian motor retail operations for R1.3 billion

* Has sold remainder of its successful australian motor retail interests to a company owned by Nick Politis

* Transaction is effective March 31, 2014 and follows sale of ferntree gully dealership which was concluded on October 31, 2013.

* Cash will be used to reduce barloworld group net debt in short term and to fund strategic growth opportunities in medium term

* Transactions were concluded at net asset value plus a premium for goodwill and realised combined net proceeds (after settling outstanding debt) of approximately A$130 million Source text for Eikon: